Reference no: EM132913077
Question - Presented below is the trial balance of Aloha Company at December 31, 2020 that partly includes the following:
Petty Cash Fund - P 140,000
Metro Bank Checking Account - P 8,000,000
BDO Checking Account (overdraft) - P 550,000
BPI 90-day Money Market Placement - P 2,000,000
PNB Time Deposit - P 4,000,000
Your audit revealed the following information:
1. Included in the petty cash fund are the following: (A) Employee check, P 15,000 dated January 30, 2021; (B) Unreplenished petty cash vouchers, P 30,000.
2. A check for P 400,000 was drawn against Metro Bank Checking account dated and recorded December 28, 2020 but delivered to payee on January 9, 2021.
3. The PNB Time deposit is set aside for land acquisition in early January 2021.
Required - What should be reported as "cash and cash equivalents" on December 31, 2020?
A. 8,400,000
B. 10,495,000
C. 8,490,000
D. 8,300,000
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